Family companies

Family Business Lawyers

Simply, a business that is run or with the majority of the ownership belonging to two or more family members is a family-owned business. It is considered to be an ancient type of business and an example of this is a farm that is owned by a family. There are a number of family-owned business in the Middle East, being prevalent in major industries. More often than not, their company or workforce size is bigger than the others, making them prominent. Obstacles that family businesses are expected to face include the task of having to hand over the business to the person who is next in line to the ownership of the company. This is considered as a challenge because the next person should be trained to uphold the values and practices of the company and develop them even more. These factors will protect the business and help it cope with the external environment that it has to grow in within an industry that it belongs to. This is not an easy challenge to win over, that is why family-owned businesses are advised to seek help to ensure that they are taking the proper steps of transferring succession